Abstract

Financial Performance of APTRANSCO during 2014-15 to 2024-25

M. Jyothsna, Prof. M.D. Bavaiah

Volume: 16 Issue: 1 2026

Abstract:

The Transmission Corporation of Andhra Pradesh Limited (APTRANSCO) is the State Transmission Utility of Andhra Pradesh and the backbone of the State’s bulk power system. This paper evaluates its financial performance over the eleven financial years 2014-15 to 2024-25, the first decade after the bifurcation of the State, using the time-series tables in the annexures of Power Development in Andhra Pradesh (Statistics) 2024–25. Capital expenditure, the pattern of financing, debt servicing, transmission efficiency, network growth and manpower are analysed with least-squares trend regressions, compound annual growth rates, the Mann–Kendall test and Sen’s slope, and are placed against the State-wide transmission and distribution (T&D) revenue account and a standalone accounting snapshot of APTRANSCO for 2024-25. Capital expenditure peaked at Rs 2,300.44 crore in 2016-17 and fell to Rs 752.78 crore in 2022-23 (trend CAGR -6.5%), whereas debt repayments grew at 23.9% a year and, from 2021-22, exceeded annual capital expenditure. Loans from REC and PFC supplied 47.3% of all capital receipts, while depreciation-based internal accruals rose in every year. Transmission losses fell significantly from 3.37% to 2.60%, but the share of outsourced staff rose from 65.6% to 76.3%. In 2024-25 APTRANSCO earned a profit after tax of Rs 380.77 crore with an interest cover of 2.28, yet its debt repayments exceeded its cash accruals. The study concludes that the utility is operationally efficient but increasingly constrained by the cost and maturity profile of its debt.

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